Identify all false statements from the list below.

1. Gross profit is more relevant for predicting future cash flows than gain on sales of assets which may be used to smooth income.

2. Unrealized gains & losses and gain/loss from discontinued operations are least relevant for predicting future cash flows.

3. Impairment charge is more relevant for predicting future cash flows than restructuring costs.

4. Discontinued operation represents strategic shift that involve disposals of major business component(s), and must be reported before income tax expense.

5. You will see "Income from continuing operations" in statement of operations of all real-world companies.

Group of answer choices

3, 4, 5

3 & 5

2, 3, 4

1, 2, 3